RACER Trust Selects Ambrose Property Group for Transformative Development at Former Indianapolis Stamping Plant Property
May 2, 2017
Mixed-Use Project to Include Commercial, Retail, Hotel, Multi-Family Residential
INDIANAPOLIS — RACER Trust today announced it has come to terms with Ambrose Property Group for the sale and development of the former General Motors Indianapolis Stamping Plant property in downtown Indianapolis. Ambrose Property Group has submitted its development proposal to the city and plans to sign a project agreement as part of the historic land sale.
Ambrose, one of Central Indiana’s leading commercial developers, is planning 2.7 million square feet of development and total investment of more than $550 million over the course of 15 years, including 535,000 square feet of mixed-use construction in the first five years of the project. The first phase includes 250 multi-family residential units. An estimated 915 full-time jobs will be created at build-out.
Ambrose’s plan also includes office and retail space, a hotel, community green space and the creation of public recreational opportunities along the White River.
RACER Trust issued a call for offers for the purchase and redevelopment of the property in February, following an extensive six-month process of stakeholder engagement and community visioning that was led by the City of Indianapolis. Four Indianapolis-area firms submitted proposals.
“We are very excited by the prospect of seeing transformative development on this property,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “This is the next step in a process that has involved a great deal of stakeholder engagement and community input, which enabled RACER Trust to seek offers consistent with the city’s clearly articulated vision for reuse. Because of the city’s proactive leadership and transparency, and the involvement of the community, RACER Trust could help the market understand the desired degree and type of development we were looking for. We congratulate Ambrose Property Group and look forward to the broadly beneficial reuse of this property.”
“This is a tremendous milestone for the citizens of Indianapolis and Marion County, the Valley Neighborhood and our downtown core,” Indianapolis Mayor Joe Hogsett said. “We look forward to collaborating with Ambrose Property Group on a project agreement that makes this bold vision a reality. We have worked closely with the City-County Council, private sector and neighborhood leaders, and RACER Trust to position this property to attract the kind of smart, sustainable development that would be a point of pride for years to come. It’s clear that work has paid off and I look forward to beginning conversations with Ambrose Property Group.”
“We pride ourselves on having bold ambitions and the drive to see them through, so when an opportunity to reimagine one of the iconic properties of our hometown was presented, we poured our energy and creativity into seizing it,” said Aasif M. Bade, founder and president of Ambrose Property Group. “Like the City and RACER Trust, we wanted to hear from our neighbors what they might envision and, as importantly, whether they support our plan for redevelopment. Once we were satisfied that our vision aligned with that of the community, we were ready to jump in. I’m thrilled and excited by the possibilities and look forward to executing a development that will enhance Indianapolis as the city's stock continues to rise as a great place to live, work, and play.”
The property, 103 acres on the edge of the White River directly west of the central business district, was the site of a General Motors manufacturing operation until June 2011. RACER Trust dismantled and removed most of the structures on the property in 2014 and has conducted necessary cleanup under the direction of the Indiana Department of Environmental Management.
Development of the property is expected to begin sometime in 2018.